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EU carbon closes at seven-week high as crude oil price surges

Posted on 29 August 2013

European Union emission permits advanced to the highest in seven weeks on speculation that crude oil’s surge to a two-year peak may spur demand for carbon allowances. Carbon for December gained as much as 3.7 percent to 4.72 euros ($6.31) a metric ton on London’s ICE Futures Europe exchange. The contract closed up 1.5 percent at 4.61 euros a ton, the highest since July 3.
West Texas Intermediate crude rose as much as 3 percent in electronic trading on the New York Mercantile Exchange, its highest since May 2011, on concern that conflict in Syria may threaten oil supplies from the Middle East………………………………………..Full Article: Source


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